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Hexagon makes bid for Leica Geosystems Add to ...

Hexagon AB, a Swedish industrial holding company, plans to offer about one billion Swiss francs ($987-million) for Switzerland's Leica Geosystems AG to create the world's largest measurement-technology company. A formal bid will probably be made June 27 to buy the shares for 440 francs each in cash, Hexagon chief executive officer Ola Rollen said yesterday. Leica's board said in an e-mailed statement that the proposed price doesn't reflect the value of the company or its "excellent growth prospects." Leica CEO Hans Hess said the board will "carefully study" Hexagon's formal bid and may consider approving a modified offer. HEXAB (Stockholm) rose 5.5 Swedish kroner (90 cents) to 149.5 kroner. LGSN (Zurich) rose 68.5 francs to 448.5 francs.

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